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Tax free incomes in India

Following incomes exempt from Income Tax

1) Agricultural income
2) Interest on PPF/GPF/EPF
3) Interest on GOI / other approved tax free bonds
4) Dividends on Shares and equity Mutual Funds
5) Long term capital gain on sale of Shares and equity Mutual Funds (after 12 months) upto 1,00,000.
6) Any sum received under Life Insurance Policy either on death or maturity
7) Gratuity up to Rs 10,00,000
8) Voluntary retirement up to Rs 5,00,000
9) Awards & Scholarship for education
10) Interest on saving bank interest up to Rs 10,000 a year
11) Interest earned in NRE account
12) Amount received by way of gift on marriage
13) Any amount received through WILL or Inheritance

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